Types of Personal accident insurance: Insurance that is done to avoid personal accident risk is called personal accident insurance. In such insurance, if the insured person dies in an accident or is physically injured, his nominee or himself gets financial assistance.
The different types of personal insurance are discussed below:
1. Accidental death insurance:
The insurance is made by specifying a specific time or reason. In that case, if the insured dies within the specified period of the contract due to injury due to the reasons mentioned in the contract, the insurer pays the amount of compensation mentioned in the contract to the nominee of the policyholder.
2. Accidental disablement insurance:
The future is always uncertain. Considering this uncertainty, many people insure their accidental disability. In that case, if the insured is completely or partially disabled due to any of the angles mentioned in the insurance contract, the insurer pays him compensation.
3. Specific diseases and accident insurance:
In addition to accidental death insurance or accidental disability insurance, if the insurer promises to compensate the insured against a specific rage or specific accident, it is called rage and accident insurance. For example, if a person has a dengue fever or an accident in a corner, the insurer promises compensation.
4. Any types of diseases and accident insurance:
In addition to accidental death insurance or accidental disability insurance, if the insurer promises to compensate the insured against any kind of rage or accident, it is called rage and accident insurance.
5. Medical and hospital expenditure insurance:
Insurance for medical and hospital expenses is what the insurer promises to cover the medical and hospital expenses under personal accident insurance if the insured falls ill due to his accident or any other reason.